With the new rate, the owner of a $100,000 home would see an increase of almost $22 a year on his or her tax bill.

"The taxpayers voted to pay for the bonds issued for the construction of the Emerging Technology Center," Blundell said. "We issued those bonds in February, and now that they're constructing the building, we're going to start making payments."

Blundell said the increase in property values allowed the rate to be lower than initially anticipated.

With the proposed tax rate, the college would generate exactly what is needed to operate the college and pay on the bond debt, Blundell said.

But before the rate can be adopted and because the rate is above the effective tax rate, the college is required to hold two public hearings.

The first hearing is set for Aug. 21 followed by the second one Sept 3.

The tax rate is expected to be adopted Sept. 9.

In other business, the board went into a closed meeting to discuss President Tom Butler's annual evaluation.

Last year, the board approved a 3 percent increase to the college president's salary. He makes $200,034 a year.

After about 40 minutes, the board returned and adjourned without taking action.

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BY THE NUMBERS

Victoria College's tax rate calculations were made by Rena Scherer, Victoria County Appraisal District tax assessor and collector.

• Effective tax rate, the rate that generates the same amount of revenue as the current rate: 15.22 cents